diff --git a/shortfin/CMakeLists.txt b/shortfin/CMakeLists.txt
index 2c79d5b41..70e845ddf 100644
--- a/shortfin/CMakeLists.txt
+++ b/shortfin/CMakeLists.txt
@@ -40,7 +40,7 @@ if(NOT WIN32)
 endif()
 
 # Pins
-set(SHORTFIN_IREE_GIT_TAG "iree-3.1.0rc20241204")
+set(SHORTFIN_IREE_GIT_TAG "iree-3.1.0rc20241211")
 
 # build options
 option(SHORTFIN_BUILD_PYTHON_BINDINGS "Builds Python Bindings" OFF)
diff --git a/shortfin/requirements-iree-compiler.txt b/shortfin/requirements-iree-compiler.txt
index f20a7db20..4c54ca652 100644
--- a/shortfin/requirements-iree-compiler.txt
+++ b/shortfin/requirements-iree-compiler.txt
@@ -1,4 +1,4 @@
 # Keep in sync with "ref: iree-" in .github/workflows/* and GIT_TAG in CMakeLists.txt
 -f https://iree.dev/pip-release-links.html
-iree-base-compiler==3.1.0rc20241204
-iree-base-runtime==3.1.0rc20241204
+iree-base-compiler==3.1.0rc20241211
+iree-base-runtime==3.1.0rc20241211
diff --git a/shortfin/src/shortfin/array/storage.cc b/shortfin/src/shortfin/array/storage.cc
index ffbbd9ba2..55b66aca3 100644
--- a/shortfin/src/shortfin/array/storage.cc
+++ b/shortfin/src/shortfin/array/storage.cc
@@ -92,7 +92,9 @@ storage storage::subspan(iree_device_size_t byte_offset,
                          iree_device_size_t byte_length) {
   storage new_storage(device_, {}, timeline_resource_);
   SHORTFIN_THROW_IF_ERROR(iree_hal_buffer_subspan(
-      buffer_, byte_offset, byte_length, new_storage.buffer_.for_output()));
+      buffer_, byte_offset, byte_length,
+      iree_hal_device_host_allocator(device_.raw_device()->hal_device()),
+      new_storage.buffer_.for_output()));
   return new_storage;
 }